Joseph Inokotong, Abuja
The National Insurance Commission (NAICOM), has unfolded plans to recalibrate its operations throwing up digitalisation as the fulcrum for developing the insurance industry in the country.
The Acting Commissioner for Insurance, NAICOM, Olorundare Thomas who stated this said the digitalisation of operations in the insurance industry is the way forward.
In his keynote address at a seminar for insurance journalists with the theme: ‘Strategic Focus of the Commission in the Year 2020; from compliance to development’, Thomas said “Digitalisation of insurance business is no longer an option, but an imperative which we all have to work towards its actualisation. As we may all be aware, the industry is currently lagging behind other financial services sectors in this area.” Also, he said that the Commission is working vigorously to ensure all its operations are digitalised.
Thomas hinted that year 2020 is a year to turnaround the industry’s fortunes and this cannot be accomplished without digitalising the processes and encouraging the industry to imbibe same.
He said the Commission shall, in the course of the year, continue to introduce new reforms and initiatives in line with international best practices for attaining the level of growth and development all desired for the sector.
On recapitalisation, he assured that the Commission will pursue it to its logical conclusion in December 2020.
Mr. Thomas said the financial inclusion strategy has been central to the Federal Government’s developmental plan, adding that the Commission has over the years invested hugely in the development of financial inclusion mechanisms which includes the introduction of Microinsurance and Takaful Insurance products.
“The introduction of these lines of insurance, he said, is intended to deepen the penetration of insurance in the country and bring into the fold majority of the populace that were hitherto excluded. So far, some milestones have been recorded in this regard with three standalone Microinsurance and four Takaful insurance companies already granted approvals,” said the NAICOM boss.